Shares of BPCL and Videocon advanced after Anadarko Petroleum Corporation announced the Atum exploration well discovered another significant natural gas accumulation within the Offshore Area 1 of the Rovuma Basin. The Atum discovery well encountered over 300 net feet of natural gas pay in two high-quality Oligocene fan systems.
Anadarko is the operator in the Offshore Area 1 with a 36.5-percent working interest. Among others, BPCL’s BPRL Ventures Mozambique B.V. and Videocon Mozambique Rovuma 1 Limited hold 10% each.
“With this latest discovery at Atum and a successful upcoming appraisal program, we believe the total estimated recoverable natural gas resource in Mozambique’s Offshore Area 1 is between 30 and 60 Tcf, and the current upside for total gas in place for the discovered reservoirs on the block is approaching 100 Tcf,” Anadarko said.
Shares of BPCL ended at Rs.711.10 up 1.2% over the previous close. It had touched a day’s high of Rs.727.20 and a day’s low of Rs.707.10. The total traded quantity of the shares stood at 1.06 lakh shares on the BSE.
Shares of Videocon Industries closed at Rs.175 up 3.2% over the previous close. It had touched a day’s high of Rs.183.70 and a day’s low of Rs.172.75. The total traded quantity of the shares stood at nearly 9.2 lakh shares on the BSE.
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